CALGARY, AB, Jan. 29,
2021 /CNW/ - Decibel Cannabis Company Inc. (the
"Company" or "Decibel") (TSX-V: DB) (OTCQB:DBCCF), is pleased to
announce that the Company's wholly-owned subsidiary, dB
Thunderchild Cultivation LP, has been granted a cultivation license
from Health Canada for its Thunderchild facility.
"The Thunderchild licensing represents another significant
milestone for Decibel and the final step in completing Decibel's
current slate of large scale growth projects," said Cody
Church, Interim CEO of Decibel. "We are excited to drastically
expand our cultivation capacity and bolster our supply of Qwest
branded products which have seen tremendous consumer demand."
The Thunderchild facility is a large scale indoor cultivation
facility designed for hands on, high standard craft cannabis
production. The licensing expands Decibel's available cultivation
capacity from 1,800 kilograms to more than 9,000 kilograms of
premium craft cannabis sold under the Qwest family of brands, which
achieves some of the highest prices in Canada ($10.18
average gross price per gram – Q3'20). The facility is critical to
Decibel's long term strategic plan and will deliver consumers more
choice of high quality, and rare cultivars in the flower and
pre-roll product categories.
Director Resignations
Decibel's Board of Directors has been reconstituted to enable
the receipt of the cultivation license for the Thunderchild
facility by limiting the Board of Directors to those individuals
who had previously received Health Canada security clearance.
Effective January 29, 2021,
Benjamin Sze, Dr. Ivan Casselman, and Billy Yellowhead resigned from their positions
as directors of the Company (the "Resigned Directors"). Dr.
Casselman and Mr. Yellowhead will serve in a limited capacity as
advisors to the Company as they continue to progress through Health
Canada security clearance, while Mr. Sze will continue to focus his
attention on his family. The Resigned Directors will only be
re-appointed to the Board once they've obtained their security
clearances.
"Decibel would like to thank Benjamin for all of his hard work,
leadership and vision during his time with the Company," said
Cody Church, Interim CEO of Decibel.
"We cannot thank Benjamin enough for the positive impact he has had
on both the individuals and business of Decibel and although we are
saddened by Benjamin's departure, we fully support his decision to
focus on his family at this time". Mr. Church will continue to
serve as the Company's interim CEO until a formal replacement is
announced.
About Decibel
Decibel is uncompromising in the process and craftsmanship
needed to deliver the highest quality cannabis products and retail
experiences. Decibel has three operating production houses along
with its wholly owned retail business, Prairie Records. The Qwest
Estate in Creston, BC is a
licensed and operating 26,000 square foot cultivation space which
produces the widely championed, rare cultivar-focused brands Qwest
and Qwest Reserve, which are sold in six provinces across
Canada. Thunderchild Cultivation,
is a licensed and operating 80,000 square foot indoor cultivation
facility in Battleford, SK. The
Plant, Decibel's extraction facility, in Calgary, AB has 15,000 square feet of Health
Canada licensed extraction and product development space. This
production house will fuel the growth of our brands Qwest, Qwest
Reserve, and Blendcraft, into new and innovative product formats
like concentrates, vapes, edibles and beyond.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Cautionary Statements
Forward Looking Information
This news release contains "forward-looking information" and
"forward-looking statements" (collectively, "forward-looking
statements") within the meaning of the applicable Canadian
securities legislation. All statements, other than statements of
historical fact, are forward-looking statements and are based on
expectations, estimates and projections as at the date of this news
release. Any statement that involves discussions with respect to
predictions, expectations, beliefs, plans, projections, objectives,
assumptions, future events or performance (often but not always
using phrases such as "expects", or "does not expect", "is
expected", "anticipates" or "does not anticipate", "plans",
"budget", "scheduled", "forecasts", "estimates", "believes" or
"intends" or variations of such words and phrases or stating that
certain actions, events or results "may" or "could", "would",
"might" or "will" be taken to occur or be achieved) are not
statements of historical fact and may be forward-looking
statements.
In this news release, forward-looking statements relate to,
among other things, the results of the licensing of the
Thunderchild facility, Decibel's anticipated security clearances
and re-appointments of resigned directors, its ability to reach
certain milestones, capacity levels, and maintenance of quality and
pricing. Forward-looking statements are necessarily based upon a
number of estimates and assumptions that, while considered
reasonable, are subject to known and unknown risks, uncertainties,
and other factors which may cause the actual results and future
events to differ materially from those expressed or implied by such
forward-looking statements. Such factors include, but are not
limited to: risks relating to delays, regulatory changes and
impacts, capital requirements, construction impacts, displacement
requirements and unforeseen requirements resulting from the
COVID-19 pandemic, the ability to obtain or maintain licences to
retail cannabis products; review of the Company's production
facilities by Health Canada and receipt or maintenance of licences
(including any amendments thereto) from Health Canada in respect
thereof; future legislative and regulatory developments involving
cannabis; inability to access sufficient capital from internal and
external sources, and/or inability to access sufficient capital on
favourable terms; the labour market generally and the ability to
access, hire and retain employees; general business, economic,
competitive, political and social uncertainties; the satisfaction
of conditions precedent under the Company's credit facilities; and
the delay or failure to receive board, regulatory or other
approvals, including any approvals of the TSX Venture Exchange, as
applicable. There can be no assurance that such statements will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on the
forward-looking statements and information contained in this news
release. Except as required by law, the Company assumes no
obligation to update the forward-looking statements of beliefs,
opinions, projections, or other factors, should they change, except
as required by law.
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SOURCE Decibel Cannabis Company Inc.